MSTR stock is beating Bitcoin, but another Strategy asset matters more now

Throughout 2026, MSTR stock and Strategy’s preferred securities are trading as more than a simple Bitcoin proxy. Bitcoin is down about 12.5% year to date, while Strategy stock, trading as MSTR, is up about 6.8% Strategy's preferred securities have also held up better than BTC in price. STRC is nearly flat, while STRD, STRF, and STRK [ ]